MSCI Rejig: PNB, BHEL, NMDC, among five additions to India Standard Index; 27 stocks added to Small Cap index
- Punjab National Bank (PNB), NMDC, BHEL, Union Bank of India and GMR Airports have entered the MSCI Global Standard Index, according to its February quarterly review.
Punjab National Bank (PNB), NMDC, BHEL, Union Bank of India and GMR Airports have entered the MSCI Global Standard Index, according to its February quarterly review.
The index provider has also increased the weights of 12 stocks and reduced the weightage of 2 stocks from the index.
The weights of Zomato, DLF, MRF, Hindalco Industries, Interglobe Aviation, Dr Reddy’s Laboratories, Hero MotoCorp, HDFC AMC, Lupin, Astral, One 97 Communications and Bandhan Bank have been increased.
On the contrary, Jio Financial Services and Container Corporation of India have seen their weight decrease in the MSCI Global Standard Index.
According to calculations by Nuvama Alternative & Quantitative Research, India could witness upwards of $1.2 billion FII passive inflow after these adjustments which will take place on February 29.
“Currently, India holds approximately 17.9% representation in the MSCI EM Index. Following the February rejig, the weight will increase to over 18.2%, marking a historic high,” Nuvama Equities said in a note.
MSCI has also added 27 stocks and removed six stocks from the Small Cap index.
The inclusions in the MSCI Smallcap Index are Indian Renewable Energy, Swan Energy, Honasa Consumer, Paisalo Digital, Cello World, KPI Green Energy, Jaiprakash Associates, ITC Cementation India, RattanIndia Power, Ethos, J Kumar Infraprojects, DB Realty, Sandur Manganese & Iron and Netweb Technologies.
MSTC, Kesoram Industries, SBFC Finance, Cyient DLM, Hemisphere Properties, Jupiter Life Line Hospitals, Spicejet, Healthcare Global Ent, IIFL Securities, Banco Products India, Balmer Lawrie & Co, TARC and Dhanuka Agritech will also be added to the Smallcap index.
Meanwhile, GMR Airports, Prestige Estates Projects, Barbeque Nation, Torrent Power, Rail Vikas Nigam, Barbeque Nation Hospitality and Privi Speciality Chem have been deleted.
The next MSCI review is scheduled in May 2024. Canara Bank, NHPC and Jindal Stainless are the top three probable names to be added to the MSCI Standard index, according to Nuvama Equities.
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